Off-balance sheet arrangements

Contractual obligations and commitments

We have certain purchase commitments principally with CRO subcontractors and certain collaboration partners.

On 30 June 2024, we had outstanding obligations for purchase commitments, which become due as follows:

Our purchase commitments at the end of June 2024 included €133.2 million related to projects in development phase, €71.5 million for projects in discovery research (of which €53.9 million related to our collaboration with NovAliX), €45.0 million for shared services, €3.3 million for commercial and medical affairs and €2.9 million related to Jyseleca® product supply chain.

We refer to our Annual Report 2023 for information on our contingent contractual obligations.

On 31 January 2024, we completed the transaction of the transfer of the Jyseleca® business to Alfasigma. In accordance with common practice, we gave customary representations and warranties which are capped and limited in time. We have an obligation towards Alfasigma to bear certain well-defined post completion costs incurred at their end that go beyond a predetermined level. No provision for such liability was made at 30 June 2024.

On 30 May 2024, we entered into a Collaboration and Exclusive License agreement with Adaptimmune. Under the terms of this agreement, we have the obligation to pay potential R&D funding amounting to $15.0 million, option exercise fees of up to $100.0 million and potential milestones, which are dependent on successful completion of certain development and commercial milestones, as detailed in the agreement. At 30 June 2024 the commitment for potential milestones amounts to $465.0 million on an undiscounted and non-risk adjusted basis. This amount represents the maximum amount that would be paid if all milestones would be achieved but excludes tiered royalty payments based on net sales.